MANAMA, October 6 (RIA Novosti) - Kuwaiti losses caused by the decrease in oil prices amount to $40 million a day, said the Bahraini newspaper Akhbar Al Khaleej, citing oil expert Mohammed al-Shatti.
"The price of Kuwaiti oil went down by almost $20 as opposed to the peak price this year, which reached $89.60 per barrel," al-Shatti said.
According to al-Shatti, the decrease in oil prices has been caused by a significant excess of supply over demand. Within the last month, the Organization of the Petroleum Exporting Countries (OPEC), of which Kuwait is a member, increased oil production by 800,000 barrels per day – from 30,15 million barrels to 30,96 million barrels. Kuwait produces 2 million barrels of oil daily.
Al-Shatti voiced hope that the situation in the oil sector improves this winter, with the increase in demand for fuel.
In September, OPEC Secretary General Abdalla El-Badri said that the organization may decide to lower its oil output to 29.5 million per day in 2015.
OPEC is an international organization established in 1960 to coordinate crude oil sales and pricing. The organization's members control around two-thirds of the planet's discovered oil deposits.